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's not a quote median-term deficit reduction plan put in place. what will it take to get a deal? we start with dan gross. his latest piece is titled "obama brinksmanship puts gop in tough spot on debt ceiling." so dan, you write that while you fall off a cliff, you only bump your head in to a ceiling but economically the ceiling has the capacity to deliver far more damage. you are talking like my friend steve kornacki here. what is failing to raise the debt ceiling? why is that going to be catastrophic? >> well, you know, first of all the stock and bond markets will really go haywire in a way they didn't when we were about to go over the fiscal cliff because government bonds are held by everybody. chinese central bank, japanese central bank, every single bank financial institution out there. so if there's any question over the value of those and they start to decline, these institutions have a great amount of leverage and interconnected with everything else and sort of see what happened in 2008. it's also this issue of, you know, who gets paid? if you start to have to say maybe soldiers g
choices to reduce the cost of healthcare and the size of our deficit. we reject that america must choose between caring for the generation who built this country andng in the generation who will build its future. >> president obama's speech was very short on specifics. again, speaking about america's problems in general terms. >> now, more than ever, we must do these things together. as one nation and one people. >> tonight, the factor will analyze inauguration day with brit hume, bob woodward. john meacham, bernie goldberg, juan williams and mary katharine ham. caution, you where to enter the no spin zone. the factor begins right now. hi i'm bill o'reilly. thanks for watching us tonight. inauguration address number 57. that is the subject of this evening's talking points memo. first inaugural address given on april 30th, 1879 by george washington. not to the folks. washington spoke directly to congress. he appealed to the new leaders to be moral and just and he invoked god and heaven saying, quote: smiles of heaven can never be expected on a nation that disregards the eternal rules of
. >> peter this is an important point. the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth which it self might be a function of taxes and spending. if this economy were growing, you would have a substantially lower budget deficit. gentlemen we will welcome you back another time. >> there is at least one state in the northeast that gets it. natural gas shale and it is pennsylvania and the republican governor tom corebet is about to join us. he picks up support from chuck schumer who didn't get an apology for the anti-israel statements. if we were growing at 5% instead of 2% we would be close to a balanced budget today. i'm kudlow we will be right back. at 1:45, the aflac duck was brought in with m
years and, ironically, the whole fiasco actually added to the deficit. >> republicans basically had no choice but to retreat from their hard line position, negotiating with the american people. if the country defaulted, they would be responsible for a global economic collapse. the new plan for a three-month increase guarantees another debate in the next few months. okay, let's have it. it also shows republicans never had any intention on carrying out their threats. get your cell phones out. want to know what you think tonight. tonight's question, do republicans finally realize the consequences of holding the economy hostage? text a for yes. text b for no to 26239. debbie waserman schultz of florida, chairwoman of the dnc. good to have you with us tonight. >> thanks, ed. good to be here. >> is this a big victory of sorts or is this a trap as some democrats have labeled it? >> it's a little bit of both, because while it is good to hear that the republicans are recognizing that we cannot play chicken with our economy, that we cannot jeopardize the full faith and credit of the united st
s. >> while i'm willing to find middle ground to reduce our deficits, america cannot afford another debate. not paying its bills is irresponsible. it's absurd. republicans in congress have two choices here. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect or ransom in exchange for not crashing the america economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> you know, it looks like republicans are up against another wall. but they're not going to be able to get -- they're not going to be able to get, quite frankly, some things they really want, if they're serious, are important. spending issues. but this is -- he's got them again. >> here's the problem with the republican party being owned by extremists on issues not related to the debt. let me tell you something, the president of the united states, it's laughable that he would talk about republicans not being res
, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite and then we're off to the races again. >> after the civil war, there was tremendous partisanship in this country. a tumultuous time. the level of bipartisanship. there's such hatred that you can't get in a room. it never seems like obama gets in the room. biden got in the room beforehand. but look, everybody hates each other down there. it's exactly the opposite of what you would expect from a respected nation. it makes us look mickey mouse. i don't blame fitch. look, we have to pay bills, the constitution says it, but everybody doesn't seem
'd never use the debt ceiling to negotiate. there's been three or four deficit deals reached during debt ceiling negotiations. that's what they've been used for in the past. in fact, you voted no on raising the debt ceiling in 2006, and some other things. and then to see him actually, he looked shocked that his loyal cadre of acolytes that someone would actually broach the subject that, you know, that he actually had a tough time answering. >> i think it shows the position he's in, though. he gets attacked from the right and the left. >> he doesn't get attack. the questions i want asked are never asked of him anywhere. >> he should come on "squawk." >> that's not going to happen. >> i'll get out. is that possible? >> no. >> i had a story but we'll talk about that one later. >> what's your story? >> we'll do it later in the broadcast. >> about nerds? >> what else would it be about? you want me to talk to here? i'm going to talk to here. coming up this morning's top stories, plus we're going to hop behind the wheel with nissan ceo carlos ghosn at the detroit auto show. first check this out
moral and religious deficit in this country plays a big role in these atrocities and in our cultural decline in general. we've got to face that fact. two prominent members of the clergy will face it. and the best path to prosperity is free markets, moral responsibility. i'm larry kudlow. we'll be right back. [ male announcer ] ok, here's the way the system works. let's say you pay your guy around 2% to manage your money. that's not much you think. except it's 2% every year. does that make a difference? search "cost of financial advisors" ouch. over time it really adds up. then go to e-trade and find out how much our advice costs. spoiler alert: it's low. really? yes, really. e-trade offers investment advice and guidance from dedicated, professional financial consultants. it's guidance on your terms, not ours. that's how our system works. e-trade. less for us. more for you. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announcer ] over a third of a day's fiber. fiber one. >>> get this. >>> get this. four
make the choices to reduce the cost of health care and the size of our deficit. but we reject the belief america must choose between caring for the generation that built this country and investing in the generation that will build its futur future. >> the commits we make with medicare and social security, these things do not sap our nation, they strengthen us. they do not make us a nation of takers, they free us to take the risks that make this country great. >> wow, look at the crowd. this is a full bar the day after all the natural balls. i'm not sure what's going on here. that was president obama yesterday using his second natural address to preview his aggressive agenda with a focus on immigration reform, gay rights and climate control. organizers estimate as many as 1 million people filled the national mall. as the commander in chief exited the stage, he paused to savor the moment. the tradition of natural balls continued into the night. they attended 10 natural balls last night that went quite late and the first lady holding just two, the lowest since the eisenhower admi
in an administration, did any of the deficit deals that we did, were those occurring at the same time as debt ceiling raises? >> they all do. >> we've heard that that -- i'm not going to accept that, not going to do it, not the way it's done. we're not a banana republic. how many can you recall, deficit deals were affected? it's something that's done, is it not? >> standard operating procedure. we all learned about the power of the purse of democracy. back then, it used to be taxes because they couldn't borrow. now, you can borrow. taxes aren't the only strains what government can spend. the parliament and congress has to be able to control the borrowing level. that's government 101. >> is zit in g-- dis in geingeny we've already been to the restaurant and trying to stiff the bill? it wasn't the $800 stimulus or any of the things the president's done, it's congress? >> first, you're raising debt limits to cover future spending. fact one is the money hasn't been spent yet. that's not true. >> it's sort of disassembling. >> that's a good word for it. the second fact is congress hasn't approved the mone
solving the real problem, our massive deficit and debt. he's got some ideas coming up in an interview you'll see right here only on the "closing bell." stay with us. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> welcome back. the 401(k) is everywhere, and you might think everybody is saving for retirement through it. many people are not doing that at all. a new study shows one in four
in that time to clear the way for negotiations on long-term deficit reduction to add muscle to the efforts to bring democrats to the table, they would include a provision in the debt ceiling legislation saying that lawmakers will not be paid if they do not pass a budget blueprint. was it right to step back from challenging the president over raising the debt ceiling? >> well, i think the house proposal is a step in the right direction. no doubt the senate hasn't done it's job. it's been nearly four years since it's passed a budget. the senate should pass a budget. but it doesn't go nearly far enough. we have a crisis. i just got back last week from afghanistan. and i had multiple servicemen and women clasp me on the arm and say, please do something about the debt and deficit. we're bankrupting the country. that's what the american people are looking for. and to date, politicians have both parties have been unwilling to take even a tiny step in the right direction. we've got to fix the problem. >> the senate has to pass a budget. do you believe that? >> i do. >> why has it been four years s
at the biggest issue that we face of this era, it's the deficit. it's the trillion dollars of debt and the president didn't really talk about that. he talked about, we're not a nation of takers but that we've become a nation of debtors. >> the president clearly is a smart man, a smart politician. he's also a writer, a thoughtful person. if that is the speech, if the speech as ari described, why would he decide to give that speech? what's the political goal? >> this is the last time he's getting sworn in as president of the united states. that's why. i think it's martin luther king day. martin luther king was courageous. martin made this point earlier that perhaps the president had some sense of guilt about not doing gun control and that it took newtown to get him to do that and so this is the speech you get to give once and i think there may have been a sense he wanted to be aggressive because he could and because he had to set out what he believes he said, i'm not going to get all of it, don't let the perfect -- nothing can be perfect. but i do believe he decided, why not, be esse
when you're running a merchandise trade deficits and current account deficits. these are the things that really matter. and they're just kind of big macros. so they divide them down to a single session or a quick abrupt move. but they're the real flows in the global economy that are going to matter going forward. >> yeah, all right. i'm staying long. i'm staying long, kevin. >> well, we think last year we gave it a bite on the cheek. but that's going to be a lot harder this year, joe. and one of the things you're pointing out are extremely high gdp. and so the big thing this year is to make the switch. the customers are now the employees. the employees are the future customers. so you've got to keep the growth and accelerate the growth in employment over the 1.25/1.50 that we're doing if we're going to keep the equity market going in the direction that it has been for the past two years. >> all right, kevin ferry. thank you. >> is that a phone ringing down there, kevin? >> yeah. someone is trying to get to their broker. >> it would ring and ring and ring. >> that must drive you craz
and deal with the debt issue and begin to deal with our fiscal deficits. >> right. >> i think, maria, you could see a real positive lift because people are ready to invest. they need to feel some kind of inspiration, and i think they are ready to invest. >> that's what we're hearing across the board. real quick, you going to raise your dividend this spring? >> well, as you know, we have to go through the process, and we have to wait to see what the fed says, but i'm optimistic. i can't speak for the fed but i'm personally optimistic. >> we'll leave it there. mr. king, good to have you on the program. >> have a good day. >> and to you. chairman and ceo of bb&t. didn't hold on to the triple-digit gains. does that mean we're setting up for a pullback tomorrow? our panel of wall street pros will give you a leg up on what's going to move your money tomorrow. don't miss it. ♪ ♪ [ male announcer ] you don't have to be a golf pro to walk like one. ♪ when you walk 10,000 steps a day, it's the same as walking a professional golf course. humana. health and well-being partner of the pga tour. [
a deficit. they have no idea that we've got tons of revenue but that spending is at a ridiculous level now. 25% of gdp. it needs to get down to 17% of gdp. nobody has explained this to the public properly or convincingly. >> aunder your favorite presidet the debt has gone from roughly 10 trillion to 16 trillion. we just had the treasury numbers out yesterday. in fact, in the last year it went up again 1.3 trillion. now, this leaves an opening for the republicans. but i don't think they're smart enough to take it. and i agree with costa. actually, the president, who is a very clever political guy, they're letting him get off because he doesn't want to cut 13e7bding. mark is right. except smash the defense department. the rest of it, the entitlements, the discretionary, the little entitlements, he doesn't want to touch them. >> i don't know. was there a question in there? >> i think somewhere. somewhere there's a question. >> i don't know what to say. i guess spending is not what the democrats run on. i see this repeatedly. this is the republican party platform. when the democrats propose sp
up 4 consecutive trillion-dollar federal budget deficits in his first term. he has an economy that is not being returned to prosperity. 23 million people still unemployed. we have, i think bill. i think if i may. you undersell folks just a little bit in that i think everybody is smart enough to know there is is a problem. i think everybody is pretty much smart enough to know that we have got to come up with a solution. when you have a national media part of this coalition of interest and depen dense on the democratic party, there is no way for them to have validation. there is no way for them to have an aggressive watchdog that would normally, traditionally, historically be attacking the miss adventure of those in power. >> we agree that the media is in the tank. i'm almost stunned that you think, to quote you, everybody understands the issue. i will tell you why, you go right outside the fox news channel building now and you stop people and go what about the federal debt? come on. >> let me put it in some context. there was a time in this country and everybody may be slightly
for the legislative battle. it will be over debt, deficit, gun control immigration reform leading the organization will be jim macina who will take over the cash of 5.3 million and use it for discreet coalition of the policy battles. it is the most sophisticated in modern times in the use of multi targeting data. vice president giend who hazel lewded to a presidential run of his own spoke about a grass-roots approach in his announcement yesterday as conference as mayor. >> we are going to take this fight to the halls of congress. we are going to take it beyond that. we are going to go to the country making our case and let the voices, the voice of american people to be heard. >> it will be separate from the democratic national committee. the white house dmc chair debbie watson schultz. describes her as an obama outsider who never enjoyed a close relationship with the president. >> isn't that the question you would love to be asked what are you going to do with the leftover 5.3 million? >> i don't anticipate that in my life. >> a too bad hopefully you share the wealth. >> dumped several inches of s
. the deficit has got to be dealt with. debt has got to be dealt with. spending has got to be dealt with. we can't just continue raising the debt limit without there being a balancing of the budget, like we would all have to balance our budgets at home. and i think republicans are looking at what the plan is long-term. but it was a very good retreat for republicans. i saw a lot of unity that i didn't expect after all the drama we've seen. >> what drama?! come on. listen, we also want to talk about immigration. the president has certainly spent a lot of time talking about immigration and the dream act. i want you to listen to what he has said. >> so there's no reason that we can't come together and get this done. and as long as i'm president, i will not give up on this issue. not only because it's the right thing to do for our economy, and ceos agree with me, not just because it's the right thing to do for our security, but because it's the right thing to do, period. and i believe that eventually, enough republicans in congress will come around to that view as well. >> all right. so you heard the
a dollar in taxes no matter what the budget deficit looks like. he is not why they decided to put the whole u.s. economy at risk if they don't get their way on spending cuts. he is not why the white house partnered with gun legislation, no matter how small, is tantamount to taking away guns, he is not why extreme movements like extreme ideas like going back to a gold standard in the middle of an economic crisis have taken root on the right. this country needs and deserves a better republican party. and there are a lot of people in the republican right now who want a better republican party who are trying to push it there. those people, i think include key leaders in the party, like the house republican leaders this week who are trying to talk their members down from the ledge. they include folks like david brooks who in saying that republicans look deeply unreasonable, they are telling republicans you are being unreasonable. you need to move to the center. the structure of their argument a bit weird, but they're pushing in the right direction. for the republican party to fix itself will req
. it's not like they were saying let them eat cake. there are big daunting deficits in both of these entitlement projects. 701 the new 65, we're all living longer. even randall stephenson going as far as saying you know at at&t we're actually going to need people to work longer because we're not going to have many people coming up to fill in the ranks. >> my view is on the one hand it's easy for ceos to say go ahead and work until 70. they're not, working in a coal mine. on the other hand, when social security began at 1935, full benefits kicked in at 65. we're paying more benefits to more people longer today. >>> boeing, 787 is grounded worldwide. battery issue being investigated. is the faa culpable in this, bertha, or not? >> i'm not sure it's the faa. i'm wondering in terms of the testing of the batteries. that appears to be the major issue that we are seeing and could you really test them? is there a problem with the lithium batteries when you've been flying plaens? >> robby, you're a brand expert here. what would you be telling boeing to do today? and do you think the
to borrow money to make up the deficit, but only up to a certain limit. that's the debt ceiling. treasury does not make decisions about how the money is spent. they are simply empowered in this case to write the checks to pay the bills that are already incurred by your democratically elected congress. the way you would if you are a little short on your monthly bills. refinancing a little bit. that will get us through maybe mid-february to early march. once that stops working, the treasury needs to rely on the cash that it has on hand and the revenue that comes in from taxes. problem is, there isn't that much cash on hand or enough money coming in on most days to cover the expenses. if there were, we wouldn't have a deficit. let me give you an example. february 15th. i choose that day because that might be the day. might be a little early but it might be the day that we stop being able to mess things around. okay. the federal government on that day will take in an estimated $9 billion in revenues. again, that is mostly taxes. on the same day, $52 million will need to be paid out. we've got
. >> and the always colorful senator alan simpson is with us, no bigger advocate of getting america's debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for j
cuts and revenue increases should be in terms of dealing with the deficit. that's been the battle that's waged since early 2011 and republicans grabbed control of the house. they have the house for two years and feels like more of a ceremonial second inaugural than usual. >> yeah. and i think he's going to have a very tough -- toure was right saying i have a limited idea of how much to get done in this term. lbj in 1965 had had the largest landslide in history, more democrats in congress than any other time in the 20th century except for roosevelt and told the people, we have got six months because i'm going to be asking democrats to make a lot of sacrifices that may hurt them back in their home states and willing to do that for six months and then start rebelling. he was absolutely right because if you think of the big things in the great society, voting rights, medicare, the other stuff, most of that was done during johnson's first six months and turned out to be prophetic and a fair warning. >> yeah, no. 1966 midterms, 46-seat landslide for republicans. great example there. >> absol
change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here. it's set up like a 501 -- it's set up as a 501c4 group which is different from a super pac. it's able to legally coordinate with the white house. how do you think that's going to help the mission? >> look. we went out and surveyed our members across the country and two things became very apparent. one, they wanted to stay together. they had built something very special through two very tough presidential campaigns and two, they wanted to continue to work on the issues that motivated them to get involved with barack obama in the first place. you talked about them, the economy. immigration reform, climate change. all things that we care very deeply about and so as we looked at how to do that, the st
. germany's problem is the reverse. it's been running a huge surplus which is the deficit of the other countries of europe that they cannot finance. >> correct. >> that is the essence of the european crisis. >> but in a global environment -- >> the whole question with respect to the u.s. is whether we can sustain our current account relationship with the rest of the world. and particularly with china. and that's a decision that the rest of the world will make. it's completely -- >> james, are we -- we added a new entitlement, obama care, which some, i don't know what that's going to cost. there's some groups, i guess they would call them, if they're too conservative, but trillions and trillions of dollars of additional entitlements that we've just layered over the entitlements we already have. are we at the right level now? is this the perfect level of promises we've made? or would you even go above where we are right now? >> well, i think the problem that we have is that our health care sector is bloated by this enormous private insurance system that we have. this sort of mixed bag of
. president obama has racked up more spending, $1 trillion deficits. and it's time that he join us in this effort to get our fiscal house in order. what is a drag on the economy is the spending. that is what is hurting hard-working taxpayer right now. and so we need him to join us in this effort. >> at the end of the day, this is going to be a question about public opinion. what makes you think talking about not raising the debt ceiling or shutting down the government, what have you, is a winner in the court of public opinion? >> well, again, we don't want to shut down the government, but in the court of public opinion, people also know that the federal government and the out of control spending is unsustainable. and large majorities of the american people want us to cut spending, to start making the tough decisions, to balance our budgets, start living within our means. the american people, in their own families, they understand that you have to do that. you have to make the tough decisions. you have to get your budget, you've got to put it in order. and they expect their elected
mean they are very concerned about the debt to gdp and the budget deficit, which are running at roughly 101% and 8 to 10%. we kind of look like spain looks right now. if anything we might be worse. but what i think happens is the republicans have two shots. march 1st is the sequester where they can challenge or what we think will happen they will wait until the march 27th continuing resolution and they are going to press the president for spending reductions which is absolutely necessary if we want to maintain at least two of our three aaa credit ratings. >> andy, i just find it amazing we now have a culture where it doesn't matter what you said a couple of years ago, even when you're the head guy running the country. we all know, raid or heard and today was the notable quotable in the "journal" when the president was a senator was a different guy when it comes to his interpretation of voting or not voting for the debt ceiling. but i happened in my opinion agree with you on your interpretation of the republicans and the retreat. i think that principle might be a good thing. centerpiece
to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >> before we let you go, when these transcripts come out do they evoke any memories for you good or bad about these meetings? >> oh, well they evoke lots of memories. i haven't seen the transcripts of course. i look forward to reviewing it because that was my last full year in office. it was a wonderful experience to be there. i learned an awful lot. and certainly one of the things i reflect on is the various points that we missed that i missed and my colleagues missed. >> william poole, former st. louis fed president, thank you so much for your time. steve, thanks to you for sticking around. >> my pleasure. >> meantime morgan stanley trading sharply higher after reporting results this morning
. let's wait until people get oldest and sickest and the way we'll fix the budget is, the deficit, is when they get oldest and sickest we're going to take away their benefits. that is totally insane. >> right. >> you're talking about something like for instance raising the eligibility age. >> raising the eligibility age. >> how does the table feel about raising the eligibility age? >> no, no. >> the republicans want us to talk about the budget, the debt ceiling as if that is the only issue out there. i mean the real biggest issue in my opinion is jobs in the economy. >> yes. >> we still have to do everything we can. once we get the economy back you'll have revenue coming in and take care of a lot of the long-term shortfalls in different areas but i personally support the proposal to get rid of the debt ceiling requirement. >> yes. >> i think it is absolutely ridiculous we still have this. >> right. >> this stupid debate that they want to do three months at a time because they want to fight every three months. >> we should note dick gephardt when he was running, speaker in the past
the deficit, let your member of congress know. if you believe we can solve this problem through compromise, send that message. america, after all, has always been a grand experiment in compromise. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. the last time they threatened this course of action our entire economy suffered for it. >> all right. the trajectory of the perspective of compromise. >> that's entertaining but i think a i have a little bit of minority opinion. some of it is a bit overstated. in you're preamble setting this up. to assume that when the president was delivering that speech in 2009, that he did not understand just how difficult the road ahead would be and just how much recess substance he would get from the other party. i think, understates the sophistication that this man has about politics and he knew what the moment was in 2009. i think that
, and it is this. the huge budget arguments about to take place, the huge deficit spending stuff, the huge we're going to face it again, you know, debt ceiling stuff, what is the republican strategy in dealing with the democrats? david. >> you know, mike, i was on capitol hill this week talking to top republicans, and i'm getting a sense and you're seeing it written about as well, that they would maybe like to step away from the brink about the debt ceiling. they do want to force the issue about how can they get this president to agree to additional spending cuts? the debt ceiling is a dangerous game. i think they recognize that politically. they'll push -- the question is how -- how do they push on the debt ceiling? do they say, look, we'll give you a short-term extension of the debt ceiling for a certain amount of spending cuts, or we'll give you a long-term extension like you want for even more spending cuts. can they force entitlement reform around medicare, for instance, even some of the -- in their view -- more limited things that the president wants to do around means testing and age a
to look at the children's future in terms of economic debt and economic slavery through great deficits. >> steve: let's hope you're right and they get some things done. they compromise this time. >> exciting day. >> steve: it is indeed. thank you. next up, once a thing seen only in movies, drones are now revolutionizing warfare. inside look like you've never seen before. that's so cool. first, let's check in with bill hemmer who is live and chilly in d.c hey, billy. >> not too bad just yet. good morning to you. the next two hours we are live on the road here right across from the white house on pennsylvania avenue looking toward where america is today and what are the expectations for a second term? joe trippi is our guest on the democratic side. karl rove on the republican side. brit hume will analyze this as only he can when our coverage continues live at the top of the hour with martha and me on america's news room. we will see you then. so much to cover, so many important topics. we will get to as many as possible in the next two hours. we'll see you then ♪ just one bite opens a
to handle on the state level. how do we do it? >> we've nearly closed our structural deficit in maryland. it's because of job creation. we've recovered now, thanks to president obama's tough but right decisions, we've recovered 80% of what we lost in the bush recession. you talk about the hyperinflation and medicare medicaid, that's what the affordable care act was about. that's why the president did that. >> but first of all, we're not going to be able to grow out of our problems that we're facing with medicare and medicaid. we're just not. the numbers show that -- >> you agree with that right? >> wait a minute. that cbo also says though that even the affordable care act is not going to stop the ticking demographic time bomb. >> but the common platform that we now have with the affordable care act, if the states step up allows us to bend down that cost curve so we can invest in education, can invest in making college more affordable, can invest -- >> i have to ask you this question because people have said you're talking about possibly thinking about running four
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